Tax season can be a stressful time for anyone, but it can be especially challenging for older adults who have recently retired.
With changes in their financial situations, many may feel overwhelmed by filing their taxes. The good news is there are free resources are available to help ease the burden.
Lynnette Lee-Villanueva, Vice President of Tax and Credits at AARP Foundation, says that older adults may find that "their tax situation has changed from when they were working."
To help ease this burden, AARP Foundation Tax-Aide provides free assistance to individuals over the age of 50 with low to moderate incomes.
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The program offers both in-person and virtual assistance, making it easier for taxpayers to access the help they need. AARP membership is not required, and volunteers are located nationwide, so there's likely a Tax-Aide site near you.
Lee-Villanueva emphasizes that volunteers have been trained with the current tax law and are fully qualified to help. It's crucial to bring all essential paperwork, such as income statements like W-2s or 1099s, and pension, social security, and bank account statements.
Make sure to bring your federal government-issued ID and your Social Security card, as they are both essential documents for filing your taxes.
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The IRS also offers free tax assistance through the Tax Counseling for the Elderly (TCE) program, which helps people 60 years of age and older.
Alejandra Castro, a South Florida IRS spokesperson, notes that seniors often have questions about their pensions or Social Security benefits.
Those who meet the age requirement can go to a TCE or VITA site and have their taxes done for free by someone who has taken many courses and is prepared to fulfill this duty.
For those who are younger and do not qualify for the TCE program, there is still a free tax filing option available through the IRS's Free File program, which allows you to file your taxes online.
To be eligible for this service, your income must be $73,000 or less.
